Commerzbank AG — Earnings Release 2002

May 8, 2002

News Details

Ad-hoc | 8 May 2002 07:51

Commerzbank AG english

Commerzbank returns to profit in first quarter 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Commerzbank returns to profit in first quarter 2002 With a pre-tax profit of 153 million euros – resulting entirely from operating business – the Commerzbank Group achieved a turnaround in earnings in the first quarter of the year. Its earnings per share amounted to 0.13 euros compared with 0.33 euros in the good first quarter of 2001. The bank registered a return on equity of 2.5% and a cost/income ratio of 77.5%. The bank’s board of managing directors sounded a confident note in the interim report for performance in the further course of the year. In particular, having cut operating expenses by 2.2% in a year-on-year comparison, they expect to achieve their target of reducing costs to their 2000 level for the year as a whole. At the same time, however, they believe provisioning will rise to just over one billion euros; 254 million euros of this amount has already been set aside for the first quarter of 2002. Key income statement items (in million euros): Q1 2002 Q1 2001 Q4 2001 Net interest income 873 905 888 Provisioning -254 -152 -356 Net commission income 575 613 482 Trading profit 313 312 537 Result on investments/securities 92 129 114 Operating expenses 1,398 1,430 1,487 Pre-tax profit 153 323 -247 Net profit 72 176 -9 The full interim report is available on the internet at: www.commerzbank.de/navigate/irel_frm.htm end of ad-hoc-announcement (c)DGAP 08.05.2002 ——————————————————————————– WKN: 803200; ISIN: DE0008032004; Index: DAX Listed: Amtlicher Handel in Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München und Stuttgart; Schweizer Börse (Hauptsegment); London, New York (ADR), Tokio 080751 Mai 02